VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

JD.com, Inc. vs ASX Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

JD.com, Inc.

9618.HK · Hong Kong Stock Exchange

Market cap (USD)$27.4B
SectorConsumer
CountryKY
Data as of2025-12-28
Moat score
64/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into JD.com, Inc.'s moat claims, evidence, and risks.

View 9618.HK analysis

ASX Limited

ASX · ASX

Market cap (USD)
SectorFinancials
CountryAU
Data as of2025-12-28
Moat score
80/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ASX Limited's moat claims, evidence, and risks.

View ASX analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 64 / 100 for JD.com, Inc.).
  • Segment focus: JD.com, Inc. has 3 segments (87.7% in JD Retail); ASX Limited has 4 segments (31.5% in Markets).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: JD.com, Inc. has 7 moat types across 3 domains; ASX Limited has 4 across 3.

Primary market context

JD.com, Inc.

JD Retail

Market

China e-commerce retail and marketplace (B2C) plus merchant marketing services

Geography

China

Customer

Consumers (end-users) and merchants/brands (sellers/advertisers)

Role

Retailer + marketplace operator

Revenue share

87.7%

ASX Limited

Markets

Market

Trading venues for Australian cash equities and exchange-traded derivatives (futures, options)

Geography

Australia

Customer

Brokers/market participants, proprietary trading firms, institutional investors

Role

Market operator / trading venue

Revenue share

31.5%

Side-by-side metrics

JD.com, Inc.
ASX Limited
Ticker / Exchange
9618.HK - Hong Kong Stock Exchange
ASX - ASX
Market cap (USD)
$27.4B
n/a
Sector
Consumer
Financials
HQ country
KY
AU
Primary segment
JD Retail
Markets
Market structure
Oligopoly
Duopoly
Market share
n/a
80%-84% (reported)
HHI estimate
n/a
6,500
Pricing power
Weak
Moderate
Moat score
64 / 100
80 / 100
Moat domains
Supply, Demand, Network
Legal, Network, Demand
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

Two Sided Network

JD.com, Inc. strengths

Operational ExcellenceBrand TrustPhysical Network DensityService Field NetworkScale Economies Unit CostEcosystem Complements

ASX Limited strengths

Concession LicenseData Workflow LockinSwitching Costs General

Segment mix

JD.com, Inc. segments

Full profile >

JD Retail

Oligopoly

87.7%

JD Logistics

Competitive

11%

New Businesses

Competitive

1.3%

ASX Limited segments

Full profile >

Listings

Quasi-Monopoly

18.8%

Markets

Duopoly

31.5%

Technology & Data

Competitive

24.9%

Securities & Payments

Monopoly

24.8%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.